Are ratings and past performance good predictors of future performance in emerging markets mutual funds?
研究了2000至2020年全球新兴市场股票共同基金，发现高评级基金（尤其是五星基金）持续表现更优且风险更低，但整体业绩持续性不强；评级对未来业绩有预测力，投资者可据此获得超额收益而不增加风险。
´This study explores the impact of mutual fund ratings on performance, risk, and net flow, with a particular focus on the persistence of performance in mutual funds across global emerging markets. Drawing on a comprehensive sample of equity mutual funds from 2000 to 2020, the research employs panel data regression models and advanced analytical techniques to uncover key insights. The findings reveal that higher-rated mutual funds, especially 5-Star funds, consistently deliver superior performance, evidenced by higher average annual returns and alpha, while maintaining lower risk levels. Although no broad evidence of performance persistence is observed, a three-year analysis indicates that top-rated funds outperform their lower-rated peers, highlighting the predictive power of ratings for future performance. This study underscores that investors in global emerging markets can achieve significant returns without incurring additional risk by prioritizing highly rated mutual funds. By focusing on the interplay between fund ratings and performance persistence across global emerging markets, this research offers nuanced insights that extend beyond individual market contexts.